In an effort to encourage customers to buy electric vehicle, the country’s largest lender, State Bank of India (SBI) launched India’s first ‘Green Car Loan’ (Electric Vehicle), on the occasion of World Earth Day on April 22. The scheme comes with the longest repayment period of up to eight years is a strategic inclusion to the bank’s auto loan segment would be offered with zero processing fee for the first six months of the launch. Also to achieve the purpose, bank in a statement said it will offer loan at 20 bps lesser than the interest rate on the existing car loan schemes.